April 25, 2022 - Red Sea Farms, the Saudi Arabia and UAE agtech business whose one-of-a-kind technology enables commercial farming using a low energy, zero freshwater sustainable climate control, has announced a $18.5 million strategic fund raise. 

Red Sea Farms is an Entrepreneurship World Cup alumni, having finished in third place at the Global Finals in 2019. Its co-founder and CSO, Mark Tester, is a member of the GEN Starters Club, a talented community of founders who have been battle tested by Global Entrepreneurship Network (GEN) programs.

According to a press release, the fund raise was co-led by Wa’ed – the venture capital arm of Saudi Aramco and The Savola Group. KAUST Innovation Fund, one of Red Sea Farms’ original investors, is also participating, along with OlsonUbben LLC, an investment entity owned by Tony Olson and Jeffrey Ubben. Tony Olson is the CEO of SPINS, a leading wellness-focused data company and advocate for the Natural Product Industry, and Jeffrey Ubben is the Founder and Managing Partner at Inclusive Capital Partners and a pioneer in impact investing.  

The funds will support Red Sea Farms’ global and regional expansion plans – including expansion of the fresh produce business in the GCC region.  Global expansion is focused on technology development, and productization – with first generation product sales expected by Q4 2022. 

Red Sea Farms announced its expansion into the USA in January 2022. It has also completed a new commercial-scale 6-hectare technology retrofit site near Riyadh and an R&D facility at the King Abdullah University of Science and Technology in Thuwal – where the company says technologies are delivering results ahead of expectations.

Commenting on the raise, Tester's co-founder and the company's CEO, Ryan Lefers said,

“We are delighted to complete this $18.5 million fund raise and build on our impressive start to 2022. To have such esteemed investors believe in our vision is hugely validating and testament to our business model and strategy. We’re excited to continue on our mission to address the reliance on freshwater consumption in food production and improve food security with their support and guidance. The appointment of Simon Roopchand as COO and regional CEO for the Middle East is another key milestone cementing our position as an innovative market leader and maximizing our impact across the region.”

Source: Red Sea Farms